Abris to sell Mykogen Polska S.A., a leading European producer of mushroom substrate

Mykogen Polska S.A. has developed dynamically over the last five years under the ownership of Abris, a private equity fund manager which invests in Central and Eastern Europe. Under the terms of the preliminary agreement signed yesterday, Mykogen’s new owner will be Greenyard N.V., a global market leader of fresh, frozen and prepared fruit & vegetables, flowers, plants and growing media.

The Abris CEE Mid-Market Fund II took a majority stake in Mykogen in 2012, attracted by the development potential of both the company and the sector. Poland is currently the largest producer of mushrooms in Europe and has one of the fastest developing markets. The technology behind Mykogen’s phase III substrate, is among the most modern in the world and its customers are the leading mushroom producers. In 2016 Mykogen acquired Fungis, also a Poland-based substrate producer, propelling it to the position of a market leader with an almost 20% market share.

“Integrating two such large and experienced players was no mean task, but thanks to the huge commitment of both teams we made a complete success of the project, as shown by the interest of so many potential buyers,” explains Tomasz Kujawa, manager at Abris in charge of the Mykogen investment.

“We are proud that once again we have been able to help a Polish, family-run business, with a 40-year tradition, to realise its ambitious development plans. With Abris’ support it was possible to intensify the company’s development by, inter alia, strengthening and expanding the Mykogen management team, with significant investment in production and technology infrastructure, as well as through building two new, state-of-the-art factories in Ukraine. We are delighted that the results have not only secured Mykogen group the long-term trust of its clients, but also wholly validate our chosen business strategy”, sums up Paweł Gieryński, CIO of Abris Capital Partners.

Yesterday’s signed preliminary agreement is conditional upon securing the legal clearance from regulators and third parties. As a result, the transaction is expected to close in the second half of 2017.